BOCA RATON, Fla., Oct. 10 /PRNewswire-FirstCall/ -- Devcon International Corp. (BULLETIN BOARD: DEVC) announced today that it has reached an agreement with its Preferred Investors on a restructuring of their security. The restructuring follows the recently announced filing of Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934.
In commenting on the restructuring, Mr. Richard Rochon, the Company's Acting Chief Executive Officer, stated, "We are pleased that during a difficult time in our financial markets we have been able to reach an agreement with our Preferred Investors that provides stability to Devcon. We believe that this announcement, along with our prior announced deregistration, clears the way for us to focus on our operations and achieve maximum shareholder value."
About Devcon
Devcon International's wholly-owned subsidiary, Devcon Security (http://www.devcon-security.com/), is a leading provider of installation, monitoring and related electronic security services, currently serving more than 140,000 commercial and residential customers in Florida, New York City and Staten Island. Since February, 2005, Devcon has made 3 significant acquisitions of full-service electronic security services companies with significant concentrations throughout Florida and the New York Metropolitan region. Currently, Devcon Security Services Corp. is the third largest security monitoring and alarm company in Florida and the fourteenth largest in the U.S.
Forward-Looking Statements
This press release may contain statements, which are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Devcon's future results of operations, financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. You should not rely on forward-looking statements because Devcon's actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations effecting our business, and other risks and uncertainties discussed under the heading "Item 1A - Risk Factors" in Devcon's Annual Report on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission, and other reports Devcon files from time to time with the Securities and Exchange Commission. Devcon does not intend to and undertakes no duty to update the information contained in this press release.
